ASX-listed oil and gas company Sundance Energy is looking to raise $331 million for the acquisition of Eagle Ford Shale properties in Texas from companies Pioneer Natural Resources, Reliance Eagle Ford Upstream Holdings and Newpek.

The raising, to be split into two tranches of $22 million and $235 million, and a renounceable rights issue of $74 million, will be offered at 5.9 cents per share, an 18.6 per cent discount to last close and 20.1 per cent discount to the 20-day volume weighted average.

The raising was launched on behalf of Sundance Energy by three brokers: Euroz Securities, Morgans and Aitken Murray Capital Partners, with the former two serving as joint lead managers and the latter as co-manager.

Sundance Energy is primarily known for its onshore Gulf Coast Basin operations in Texas; it utilises a low-risk growth model and met its full-year and fourth quarter targets in 2017 with net production of over 779,000 barrels of oil equivalent, an increase of 4 per cent on 2016.